Investment manager
The Baltimore-based company said first-quarter net income rose to $94.3 million, or 69 cents a share, compared with $77.3 million, or 58 cents a share, a year earlier.
Net revenue rose to a record $357.1 million from $305.7 million a year earlier. Investment advisory fees, the biggest component of revenue, totaled $289.1 million, up 18% from $245.1 million a year earlier.
Assets under management rose 17% to a record $235.9 billion at the end of the quarter, from $201.0 billion a year earlier.
Mutual fund assets under management at the end of March were $148.3 billion, up $2.8 billion from the beginning of 2005.
George Roche, chairman and chief executive, said publicly that the company would wait until next year to begin expensing stock options, now that the